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Individuals – 30 June is Fast Approaching

The end of the financial year is fast approaching and it’s time to start planning to prepare for your 2013 Income Tax Return. Now is a good time to start thinking about your tax affairs. Some things you could look at are:

• Make sure you gather all your receipts to claim work-related expenses that exceed $300
• Consider whether any tax offsets are available to you – do you have large medical expenses you could claim an offset for? Are there any other tax offsets you might be entitled to?
• Making additional contributions to your superfund – should you top up super contributions this year?
• Think about whether you had planned to make any donations to deductible gift recipients and making those donations (and getting a receipt for them) before the financial year ends
• If you have a rental property, think about what expenses you might be able to claim against the rental income you have earned.

Tip

Talk to your McKinley Plowman tax adviser about what other things you need to think about before 30 June rolls around. Your tax adviser knows you and your tax affairs and can help make sure you claim all deductions and tax offsets you are entitled to and get your tax return right.

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written by:

McKinley Plowman